Gynesonics added another $6.3 million to its coffers as it looks to bring the latest iteration of its VizAblate fibroid device to the U.S. market.
Redwood City, Calif.-based Gynesonics’ VizAblate is a minimally invasive device that uses ultrasound imaging and radiofrequency ablation to remove fibroid tumor from the uterus as an alternative to hysterectomy.
Early last year the company reported a $21 million Series D round, saying it planned to use the proceeds for further clinical and commercial operations. Yesterday Gynesonics said its total raise reached $28.4 million of a hoped-for $35.5 million.
The debt-and-equity round involved some 16 unnamed investors, according to a regulatory filing; last year Gynesonics said its D round was led by Switzerland’s HBM Partners and included financing from new investor Correlation Ventures and existing investors Abingworth, Advanced Technology Ventures and InterWest Partners.
It’s been a big year for Gynesonics, which tapped a new CEO, former IDEV Technologies president & CEO Christopher Owens in April (Abbott acquired IDEV last summer). In June the latest version of VizAblate won CE Mark approval in the European Union, and just last month the company announced the 1st treatment of a patient with the new system.
Gynesonics is running the FAST-EU trial, a 100-patient study designed to establish the safety & effectiveness of the VizAblate device. The trial is slated to close in June 2015, with final data collection for the primary endpoint of mean percentage change in target fibroid perfused volume at 3 months coming in September of this year.